Venmo makes payments simple and fast. Going in with friends on an expense? You can pay someone back in seconds. Buying things secondhand? No need to dig in your purse for cash. Financial transactions are more convenient than ever with apps like these, but, of course, as with many digital accounts, there are risks.
Fraudsters are known to be specifically targeting Venmo users. And as scams become cleverer and more high-tech, anyone can fall victim, putting you at risk of losing hundreds or even thousands of dollars.
Read on for the tricks you should be aware of to keep your money safe — and how to protect yourself.
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Fake Venmo calls
You pick up the phone, and it’s none other than Venmo itself, calling you about an issue with your account. The caller ID may even say “Venmo.” (Yes, hackers can use “spoofing” to hide their actual number and pose as somebody else.)
They then proceed to ask you for the authentication code you were just sent — and indeed, you see, you just got a text or email with a code. That’s because the caller is a scammer trying to hack into your account, and they need the multi-factor authentication code Venmo texted or emailed you when they were attempting to break in.
Alternatively, they may just "phish" for details to determine your login info. Either way, they’re trying to trick you so they can take over your Venmo account.
Remember: It’s extremely unlikely Venmo would call you or ask for confidential account information. If you get a call of this nature, hang up and contact Venmo yourself, using the contact details it provides on its app or website. If there is a genuine issue with your account, Venmo can continue to help you this way.
Fake Venmo texts
This time, you receive text messages that appear to be from Venmo, asking for your login info or a code that’s been sent to you. Again, before handing over any details, independently confirm with Venmo that it needs the information it seems to be asking for. It’s rare for the company to contact you first or to ask for anything confidential.
The texts may also provide a link for you to click to access your Venmo profile. Don’t do that. It could lead you to a fake website that could steal your login details or install malware on your phone. This goes for any links in emails that appear to be from Venmo, too.
Look carefully at website URLs and email domain addresses before handing out sensitive info. For example, look for if the email ends with a popular email domain, like @gmail.com or @yahoo.com. That could be a sign it's a scammer, not the company reaching out. Emails from Venmo will come from an address that ends with "venmo.com," the company says.
A company needs a Venmo payment — ASAP
But grifters have many strategies they'll employ to get your money. You may get a call, text or email from someone pretending to be a company you use, claiming you owe them money and that you can pay them right away on Venmo.
It’s never a good sign if someone is demanding you give them money right that second, and many companies don’t use Venmo for payments. If you get this kind of request, take a beat to verify the claims yourself and make sure you’re paying the right person at the right account.
'Loved ones' request money
Scammers can pretend to be a friend or a family member by changing their name and profile photo on Venmo to look like someone you know. They’ll then send a request for money, hoping you won’t think twice about paying.
Venmo will alert you, however, if you’re sending money to someone you’ve never interacted with on the app before. If you see this warning, double check who you’re actually giving money to.
'Accidental payments' to your account
Other times, you won’t get a random request for money. Instead, a stranger will send you a payment, then claim it was an accident and ask for the money back. You'd have to be cruel to keep someone else's cash like that, right? However, if you do send it back, you’re essentially giving them your own money.
How it works is that the scammer is actually using a hacked account or a stolen credit card on Venmo to send you that initial payment. So, when the real account or card holder disputes the charge, Venmo reverses the transaction. The money sent to your account never existed, since it was stolen, so you’ve really handed over your own funds to someone else.
The bottom line? Don’t send money to people you don’t know on Venmo.
Fake Venmo payment confirmation
Yes, Venmo makes it simple to buy or sell goods and services. But not everyone acts in good faith.
If you’re a seller, be aware that customers can fake screenshots to “show” that they’ve sent you the money for a product, so always make sure money has actually been transferred to your account before completing a transaction.
Alternatively, fake sellers may ask you to make a payment on Venmo for goods and provide fake receipts or shipping information — before promptly disappearing with your money. Before buying something online with Venmo, verify the vendor is genuine by researching them, reading reviews, confirming business details, and checking their Venmo account.
Landlords or employers request Venmo transactions upfront
Sadly, there are plenty of schemes that prey on jobseekers. One common scam involves an “employer” telling you you’ve got the job, but that you have to send them money to cover an expense (think a company laptop, uniform, or so on). They’ll ask you to Venmo the cost to them, and then disappear. The job never even existed. Always check the legitimacy of a job before you make any financial arrangements with the company.
Similarly, fake landlords will use a similar scam with rental applications. It seems like you’ve landed the home or apartment, and they’ll ask you to pay a security deposit, key fee, or other home-related cost using Venmo. Again, you’ll be ghosted by this “landlord” once you send the cash over. Remember to double check your landlord’s identity and history before finalizing a lease to avoid losing any money.
The bottom line on Venmo scams
Financial scams are widespread — so common, in fact, that U.S. consumers reported losing $12.5 billion to fraud in 2024, according to the Federal Trade Commission.
Unfortunately, grifters keep evolving, too, taking advantage of technology to run more efficient scams, especially with Venmo. Even the cleverest person can fall victim to a financial scam, so always think twice before sending money on this, or any other, payment app.
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